Commercial Location with Development
For Sale
$2,070,000
4100 W Hwy 98, Panama City, FL 32405
Mixed-use commercial property with development potential in Panama City, FL.
Property Size15,000 SF
Lot Size1.80 Acres
Price / SF$138
Days on Market1197
Property Features for 4100 W Hwy 98
General Information
Standard status
Active
Size
15,000 SF
Lot size
1.80 Acres
Property subtype
Commercial
Building Details
Year Built
1983
Listing Agency:
ST ANDREWS BAY REALTY
(850) 769-4444
Listed By:
JOHN B MCVEIGH
(850) 769-7653
Source:
Corcoran
Added: Jul 11, 2023
Changed: Oct 16
Last Checked: Oct 19 at 6:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ST ANDREWS BAY REALTY
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use commercial property includes a restaurant, mini warehouses, and residential rentals. The site offers development potential for various uses such as a motel, gas station, or fast food establishment. Located at the corner of 4100 W. Hwy 98 and 1805 Grant Avenue, the property features approximately 330 feet of frontage on Highway 98 and approximately 232 feet on Grant Avenue. The property size is 15000 square feet.
Key Highlights
- High DEVELOPMENT POTENTIAL for Motel/Gas Station/Fast Food.
- Multiple use commercial location with restaurant, mini warehouses, and residential rentals.
- Corner lot location at 4100 W. Hwy 98 and 1805 Grant Avenue.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$188,730
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,774,600
$3.8M
Cap Rate 7%
$2,696,143
$2.7M
Cap Rate 9%
$2,097,000
$2.1M
Market Conditions
NOI Build-Up for 15,000 SF
Gross rent
$270.0K $18.00/SF
− Vacancy
−$18.4K −$1.22/SF
EGI
$251.6K $16.78/SF
− OpEx
−$62.9K −$4.19/SF
NOI
$188.7K $12.58/SF
Area
Bay County, FL
Vacancy
6.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,774,600
Cap Rate 7%
$2,696,143
Cap Rate 9%
$2,097,000
Alternative Uses
Best Use
Specialty Retail
$2.70M
$2.36M – $3.15M
NOI $188,730 @ 7.0% cap · market cap 9.12%
Second Best
Mixed Use
$2.17M
$1.90M – $2.53M
NOI $151,875 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$4.37M
$3.82M – $5.10M
NOI $305,934 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use commercial property with development potential in Panama City, FL.
Where is this mixed-use property located?
The property is located at 4100 W Hwy 98 Panama City, FL.
What is the asking price?
The asking price for this property is $2,070,000.
What are key features of this property?
This property features: High DEVELOPMENT POTENTIAL for Motel/Gas Station/Fast Food.; Multiple use commercial location with restaurant, mini warehouses, and residential rentals.; Corner lot location at 4100 W. Hwy 98 and 1805 Grant Avenue.
